By Hugobaws 29/11/2017
In Allan Bennett’s film adaptation of “The Madness of King George”, the 18th century British Monarch slowly loses his marbles; mistreated by his Doctors, he’s strapped to a chair while Handel’s ‘Zadok The Priest’ plays in the background. Among his many symptoms, the Doctors discover the King is excreting blue urine.
On Thursday King Dave will have centre stage at the AGM of The Rangers*, in what promises to be a hostile atmosphere. The Champions League anthem will not be playing but there will be plenty of blue urine spouted. Dave will seek to appease the shareholders and answer some awkward questions. A failing team on the park, no credit line from any Bank and alienation from the Stock Market have forced the Club to live on soft loans and appear to trade while insolvent.
At the AGM the Glib and Shameless liar will seek to fleece his customers once more with the Resolution 11 motion and a fresh share issue.
The RIFC/TRFC Board are to blame for a series of poor Managerial appointments; three in quick succession and the associated costs for hiring and firing, money the Club doesn’t have. The recent splurge of spending on the whim of the 5th best Manager in Qatar has left a divided dressing room full of duds with exotic names, and a language barrier.
On the park, The Rangers* have 24 points from all league games this season so far, none won against the teams above them in the League. Despite Neil Doncaster’s best efforts with the fixtures, and an easy start to the season, the Govan Club have dropped points against the smaller teams in the league, and now face the three teams directly above them during December, with back to back games against Aberdeen either side of the AGM.
Despite the best efforts of the Scottish MSM (tapping by proxy), no new Manager has emerged. Rangers (IL)* leg ends are rallying under the RRM banner, with Ray Wilkins the latest to emerge as saviour, suggesting an Avengers ensemble to save the Club. Ray apparently had his own battle with booze and spent time in the Clinic that Gazza attended, so at least if RIFC/TRFC don’t take him up on his offer, he knows where the fishing rods and chicken are.
Dave King of course has his own problems, which may mean an appearance at the AGM might not happen.
In a recent UK Court Case over the Takeover Panel (TOP) ruling on the ‘Concert Party’ share dealings in the ethereal entity, Dave was moved to plead poverty and describe himself as ‘penniless’ via his QC. The TOP exist to prevent people like Dave manipulating company share prices and initiating hostile takeovers on the back of it. Lord Bannantyne has been asked to help enforce the TOP ruling and ask Dave to deposit £11m into an Escrow Account to make an offer for all shares he and his chums don’t already control. However, Dave might not be penniless at all, but would he risk contempt of Court to prove it?
The Rangers Observer in a pre-AGM piece noted “King himself has committed £7m worth of financial guarantees through his family trust, New Oasis for the coming years. This effectively means that should that cash be required by the business then he will personally provide it”. Our MSM (see Chris Jack ET) have repeated this assertion this week, and gone to print on his commitment. Surely Dave isn’t raising his middle finger at the TOP?
The other day the Herald (and ET) made a ham-fisted attempt at deflecting away from Celtic’s League Cup win by publishing bits from the Sporting Intelligence Survey into Global (football) Salaries. Celtic’s salaries put them at 203 in World rankings but blow away their Scottish competitors, yada yada.
Deloittes annual Money League Report shows the same, but the fans already know. Anyone who has read the excellent Stefan Szymanski/Simon Kuper “Money and Football” (Soccernomics) will know that being rich helps you win. Turnover, transfer fees etc are an indicator of success, but it is the correlation between salaries and results that is key. Of course, you still must appoint a good Manager and provide the right infrastructure, but the salary bill will ultimately determine your success.
The Herald of course forgot to mention;
Celtic’s careful investment in infrastructure over a sustained period.
Rangers (IL)* and RIFC/TRFC penchant for spivs and asset strippers.
Other Scottish Premiership Clubs getting their finances in order/building new Stadiums
The SFA/SPFL turning a blind eye to financial irregularities and criminal records.
Based on their (lack of) analysis The Rangers* should be a comfortable second, they aren’t.
Questions for Dave at the AGM
- Who is the new Manager?
- What is the medium/long term plan to restore our financial position to try and compete with other teams in the league?
- You told a judge you were penniless, yet the Accounts say you will put £7m into the Club via your offshore Trust. Which is it?
- Do we have a NOMAD yet, if not, what is the mechanism for selling shares?
- How much do you hope to raise if the share issue is approved?
- What price will the shares be offered at (80m shares at 20p = £16m)?
- Who do you think will buy the shares, Club 1872 have limited money?
- How much of the money raised will go into Directors pockets/to pay off loans?
- How much (if anything) will be left to go to support the Manager/Team?
- Are we still losing up to £1m per month, is that sustainable?
- You said you got rid of Mike Ashley, yet he still has a one year rolling Contract?
- The Fans Representative Group, Club 1872 is run by you and James Blair (RIFC Board member). How is that an independent voice for us fans?
Of course, we may not hear the answer to any of these questions as Traynor and Broadfoot will take this as a signal to set off the pyrotechnics and run around shouting ‘squirrel’ at the top of their voices and the Gazebo will have to be evacuated.